Romanian company OMV Petrom has announced a final investment decision for the Gabare solar energy and battery storage project in Bulgaria, moving the development into its next phase.

The company will invest around €300m ($347.5m) in the project, which is said to be one of the largest integrated renewable energy schemes in Bulgaria.

The Gabare project is located in the Byala Slatina region. It will comprise a photovoltaic plant with an approximate capacity of 415MW-peak (MWp) and a battery energy storage system capable of storing around 600MW-hours (MWh).

Of the total investment, around €100m will be allocated specifically to the energy storage element. Financing will be sourced both internally from the project partners and through external funding.

Development of the Gabare site will be managed by Dunav Solar Plant, a company jointly owned by OMV Petrom and Enery, with each holding a 50% stake.

The partners first announced the joint venture for the Gabare project on 23 June 2025, outlining plans to support flexibility and stability in the electricity grid.

The required permits for Gabare are already in place and the project has reached the ready-to-build stage, according to OMV Petrom.

Construction is scheduled to begin once the main contract is signed, with first electricity production projected for 2028.

OMV Petrom will purchase 50% of the power generated at the site through a power purchase agreement.

OMV Petrom Gas & Power executive board member Franck Neel said: “Our first battery storage project marks an important step in the development of a modern energy portfolio, where renewables and flexibility solutions complement each other.

“At the same time, we are expanding our regional footprint by developing projects in Bulgaria, in addition to Romania.”

The company has long-standing operations in Bulgaria, including 93 filling stations, natural gas sales to non-household customers and offshore exploration activities in the Black Sea.